The world’s nine most profitable airlines generated a combined $25.11 billion (€22 billion) in their latest annual results, according to an analysis by Dubai-based investment firm One Investments.
Emirates retained its position as the industry’s top earner, underscoring the resilience of major global carriers even as geopolitical instability disrupts regional travel patterns.
The record earnings highlight a growing bifurcation within the aviation sector.
While legacy and global giants continue to capitalize on strong demand and scale, the ongoing military conflict in Iran is inflicting targeted damage on carriers reliant on Middle Eastern airspace.
The war has forced rerouting, increased fuel costs, and grounded flights for several regional operators, creating a stark contrast to the financial health of the industry’s largest players.
This divergence was recently illustrated by Wizz Air, which reported a sharp decline in profits directly attributed to the Iran conflict and the resulting disruption to air travel across the Middle East.